Grant Anticipation Revenue Vehicles (GARVEEs)

Current GARVEE Activity

Current GARVEE activity is depicted on the map with an indication of
which states have issued GARVEEs. The accompanying table provides more
detail of each state's issuance activity, including volume by issue, projects
financed with the proceeds, ratings and insurers, and the type of backstop
used to secure the bonds, if applicable. Select a state to view table
data.

Current GARVEE Activity as of February 2015

Date of Issue

Issues (Millions)

Bond Type

Final Maturity

Rating Moody's/S&P/Fitch

Project Financed

Insurer

Backstop

Alabama

Apr-02

200.00

New Money

2017

Aa3/A/na

County Bridge Program

MBIA

No Backstop

Aug-11

91.30

Refunding

2017

Aa2/AA/na

Refund the 2002 Grant Anticipation Revenue Bonds

None

No Backstop

Dec-12

327.94

New Money

2026

Aa3/AA/na

Various Road and Bridge Projects Throughout the State

None

No Backstop

Jan-15

533.18

New Money

2034

Aa1/AAA/na

Various Road and Bridge Projects Throughout the State

None

The Project Agreement Revenues and the Federal-Aid Funds, and the State's Share of Gasoline Tax Proceeds